麦格理升中国新华教育(2779.HK)目标价至4.2港元评级“跑赢大市”
麦格理发表报告指,中国新华教育(2779.HK)
进行首个跨区收购,由长三角地区扩展至中国西南部。集团宣布收购富达公司60%股权,而该公司全资拥有位于云南省的海源学院及昆明市卫生学校。
该行表示,新华教育可透过实现快速整合提高盈利能力。由于交易结构容许集团在不转让目标学校担保的情况下合并富达公司,预计本次收购可由今年9月开始提升集团的收入及盈利。而集团未来在提高管理效率和降低成本;上调学费和入学人数温和增长;及资本结构优化和财务成本降低等方面,均有潜在盈利能力。
麦格理上调对新华教育今年至2021年的纯利预测分别11%、18%及15%,以反映两间新收购学校的整合,以现金流贴现率计,目标价相应由3.7港元升至4.2港元,评级维持“
跑赢大市
”。
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